he is proficient in economics and law and vlad holds a doctorate of law and is written a number of books most recently the future of modernization, what we can learn from the crisis. mr. minister we are delighted you are with us and we look forward to your remarks and then we will pepper you with questions. >> thank you very much. sorry for being late. today we are, our hearts and minds are with boston and i hope it will be over soon. i have to make remarks on the financial markets that are going well in europe as you all know. [laughter] i will be brief to have time for discussion and therefore i just want to say we all remember the crisis that started in the united states in 2008 and in 2008 we all agreed it will never happen again. we have to learn our lessons. the summit to london and pittsburgh and a two the g20 meeting today in boston. we have made a lot of progress in doing this since then. we agreed that the reason -- there are three reasons. too much -- too much liquidity in the financial markets and too few regulations. those are the three main issues we are working on and i th